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Benedicte Gravrand, Geneva: The Modula Capital One (aka catchy ‘MC-1’) is a fund of funds run by David Palmans and Antoine Thioly.

In mid 06, David Palmans, then CIO at 3A, and Antoine Thioly, senior analyst and portfolio manager in charge of high volatility accounts, resigned from 3A, the alternatives advisor of Geneva-based Banque Syz & Co SA, to launch MC-1 in January 2007.

MC-1 is a global multi strategy fund that invests predominantly in hedge funds and similar investment vehicles. The structure of the portfolio is articulated around complementary investment pools - investment modules - that exhibit distinct return drivers and market sensitivities. Each module is made of several hedge funds that have similar risk-return drivers and portfolio sensibilities. The fund as USD, EUR and CHF share classes, charges 1.5 / 15 fees, and has a soft 12-month lock-up period. It is domiciled in the Caymans.

The fund returned 5% in February, 2.3% YTD and 22.5% in 2007 – the annualised return being 26.1% and the volatility level 9.2%. The fund entered February defensively positioned with an equity exposure close to neutral, a net short exposure to credit markets and a long position in equity implied volatility. Overall, both the long and short side of the portfolio were profitable. March returns may look different.

"We are quite pleased with February returns as the Fund’s risk exposures were at an historical low,” sai......................

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